Despite being overshadowed by Sydney and Melbourne, Brisbane is tipped to take the lead as the country’s strongest property market this year, according to one network manager.
Raine&Horne’s general manager for Queensland Steve Worrad said although activity slowed for the holidays, the network’s offices were reporting buyer activity in some markets was up by about 25 per cent compared with the same period last year, while listings were down by 60 per cent.
“It’s on the basis of tight supply and growing demand that we expect property values in Brisbane to grow by seven per cent, and more in some cases, during 2014,” he said.
According to Mr Worrad, demand for Brisbane property was being driven by investors, as well as empty-nesters shifting from interstate.
“Property prices in the southern capitals enjoyed a robust 2013, with the median house price in Sydney, for example, between $665,000 and $712,000 depending on who you listen to, while the median house price in Brisbane is an affordable $445,000,” said Mr Worrad.
“This gives Sydney retirees the scope to sell a family home tax free, make a lifestyle shift to Brisbane and add the difference to their retirement savings.”
The price difference between Brisbane and the southern capitals was also set to prove an attraction to 'fly-in fly-out' workers.
“Whether they’re working the mines in Western Australia or on an investment banking desk in Sydney, Brisbane’s lifestyle and affordable property prices will attract more fly-in fly-out workers in 2014,” said Mr Worrad.